EU bank grants €70m for renewable energy in France and Germany

It is the second tranche of a €150 million (£132m) guarantee framework

The European Investment Bank (EIB) has granted a further €70 million (£62m) for renewable energy projects in France and Germany.

It is the second tranche of a €150 million (£132m) guarantee framework between the EIB and Landesbank Saar (SaarLB).

The latest agreement states the EU bank will guarantee a maximum of 50% of the value of up to 10 of SaarLB’s existing loan for wind and solar projects in the two nations.

That will enable it to grant additional loans of almost €140 million (£123m) for green projects.

Frank Eloy, Member of the Board of Management at SaarLB said: “As part of the ongoing development of our business model in this core business area for the bank, we will expand our range of services to financing geothermal projects as well as possibly to Belgium and Luxembourg.”

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